Ethereum continues to pull back on Friday near weekly low

• Ethereum’s price started a bullish consolidation on Wednesday, forming a lower high at $2480

Ethereum chart analysis

Ethereum’s price started a bullish consolidation on Wednesday, forming a lower high at $2480. After that, there was a loss of bullish momentum and the initiation of bearish consolidation. On Thursday morning, we saw an attempt to hold above the $2440 level. Price failed to do so, and we had a strong bearish impulse and a break below the support zone.

Ethereum continued to pull back all the way to new support at the $2350 level. This morning, we received support and started a new recovery. The new bullish rally was quickly stopped at $2400 with resistance at the EMA 50 moving average. Price again lost its bullish momentum and was forced to initiate another pullback. Now, we see the result of that: a bearish impulse to $2321, not a new daily low.

The downward pressure on the price continues as long as it is below the EMA 50 moving average

If the current bearish momentum continues, we expect testing of the weekly low and possibly forming a new one. Potential lower targets are $2320 and $2300 levels. Bullish requires Ethereum to stop today’s first pullback. A return of the price above $2350 would indicate that the bearish momentum has subsided and that we can hope for stabilization.

After that, Ethereum should initiate a new bullish consolidation and try to return above the daily open price of $2370. If we succeed in this, we expect to see further progress and recovery on the bullish side. Potential higher targets are the $2400 and $2420 levels. At $2400, we will test the EMA 50 moving average, while at $2420, we will approach the weekly open price.

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